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U.S. equity index futures red: Nasdaq 100 off ~0.5%
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Euro STOXX 600 index down ~0.8%
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Dollar, gold, bitcoin rise; crude declines
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U.S. 10-Year Treasury yield slips to ~3.50%
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NASDAQ COMPOSITE VS RESISTANCE; RINSE AND RETREAT? (0900 EDT/1300 GMT) Like the S&P 500 index , the Nasdaq Composite's strength continues to be capped by particularly thorny resistance:
Since hitting a high of 12,270.189 in mid-September of last
year, and then falling to new lows, the Composite's recovery has
been unable to surpass this level.
Indeed, the IXIC ran out of steam in early February at
12,269.555, before suffering another sharp retreat.
And for the past six weeks, the September 2022 high has
continued to cap strength. The weekly highs over this period
have been around 12,228, 12,225, 12,206, 12,245, 12,228, and
12,265. On Monday of this week, the Composite's high was at
12,264.988 before it settled back to end at 12,256.917.
Given that this week will bring highly anticipated CPI data
on Wednesday, traders remain focused on whether the Composite
can break through the ceiling, potentially clearing the way for
further gains, or if it will once again fail, putting the index
at risk for another significant downdraft.
The rising 10-week moving average, which has done a good job
of supporting the IXIC since mid-March, is now around 11,980.
Meanwhile, in what may be of concern to bulls, on Thursday
of last week, the Nasdaq's daily advance/decline line did dip to
a fresh low. However, it has yet to see downside follow-through.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
